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goldenlightheali
Level 1
 
3 Comments
LucasMicromatis
Moderator

Good morning, @goldenlightheali,

 

Thanks for the question.  If you're processing payments through Intuit, the default account payments will go to will always be Undeposited Funds.  That's because, in your real world banking, those funds have not been deposited to your bank yet.  Once those deposits are made, they should move from Undeposited Funds to your bank account in QuickBooks Online.  Unfortunately, there is not a way to change that as long as you are processing with an Intuit merchant service account.

 

thanks,

Lucas

ss_schmellys
Level 1

I have also been trying to figure out the same thing. The issue on our end is that even after the payments are deposited into our checking account, they remain under Undeposited Funds and there is no way to manually change them (ie when reviewing transactions in the Banking section, reconciling the bank statement etc.) It just seems not right to have these transactions showing up as Undeposited funds when we run that Chart of Accounts report or the monthly reconciling. Is there no way to change this setting? 

 

 

Joesem M
QuickBooks Team

Hi, @ss_schmellys.

 

I'm here to share some insights about using the Undeposited Funds in QuickBooks.

 

The Undeposited Funds account will hold your customer's payment in QuickBooks until you deposit them at your real-life bank account. 

 

The possible reason why the payments remain under the Undeposited Funds account it's because you used it when receiving payments or creating sale receipts. 

 

To remove the payments under Undeposited Funds, you'll have to make a Bank Deposit. Here's how:

 

  1. At the top right, click the Plus (+) icon.
  2. Select Bank Deposit.
  3. Mark the invoice payment you received previously from the Select the payments included in this deposit section.
  4. In the Account, column choose the account you want to deposit the amount.
  5. Click Save and close.

 

However, if you want to deposit the payment to the appropriate account when receiving it, you'll have to make sure that you selected the bank account from the Deposit to section. 

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 I've attached articles that will help us clear the undeposited funds and the reconciliation workflow: Reconcile an account in QuickBooks Online.

 

Keep me posted if you have further questions. I'll be right here to help. Take good care.

 

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